The quality of inflation

There has been much debate on, around and about inflation in India because, since early 2008, it has been soldiering on at about 10 per cent per year. The Reserve Bank of India, after having shot its monetary bolt, now says it is because of shortages. The Government says it is because of high prices of energy and other commodities. The Left says it is because of speculation by international investors. The economists say it is because of the high fiscal deficit. And many others say it is because of growth.

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